Yen Bai improves efficiency of economic diplomacy

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Yen Bai improves efficiency of economic diplomacy

Thursday, April 7, 2022

YBO - Export turnover posting an average expansion of 22.4 percent in the past decade can be considered as the most outstanding result of Yen Bai’s economic diplomacy. The province’s export markets tripled to nearly 90 last year from just about 30 recorded in 2010.

Leaders of Yen Bai introduce typical farm produce to foreign delegates on the sidelines of a workshop aiming at improving effectiveness of trade cooperation between Vietnam, the Middle East and Africa within the framework of an event held for ambassadors of countries and territories in the regions in 2019.

Along with the promulgation of guiding documents on new-generation free trade agreements and enhancing communications, Yen Bai has published books and flyers promoting its investment potential and chances in foreign languages, including English, Korean and Japanese, with an aim to call for investment, expand export markets and attract holidaymakers.

To date, the province has forged partnership with more than 100 international organisations, representative offices, and foreign non-governmental organisations. It hosted receptions for over 700 working delegations of international agencies and organisations, particularly those from the embassies of Japan, India, the Republic of Korea (RoK), and China.

Yen Bai has maintained traditional ties with Val-de-Marne of France and Vientiane capital and Xaynabuly of Laos; and set up new cooperation relations with Mimasaka of Japan and Yunnan of China. It arranged more than 500 delegations going on working and study trips and trade promotions to France, Laos, Japan, the RoK, India and China, and more.

The province’s import turnover surged to nearly 80 million USD last year from 10.3 million USD in 2010. It primarily purchased machines and spare parts, fabrics and fertiliser.

Over the years, the province has welcomed numerous foreign delegations to explore its investment climate, seek business cooperation chances and support technology transfer. Yen Bai held four trade promotions at home and abroad as well as participated in business meetings with diplomatic corps to popularise its investment potential and advantages.

The province sent delegations to explore markets of the US, Japan, China and Middle East so as to boost its export, seek business partners in processing and sale of its staples of cinnamon, tea, bat do bamboo shoots, and calcium carbonate, among others.

In the past 10 years, Yen Bai granted investment registration certificates to 26 foreign direct investment projects with a combined registered capital of 442.63 million USD.

Thanh Huong

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